Preparing To Take The "plunge"

[Pepe']

Now that moving to Samutsakork is a reality within the year, I'm not afraid to say I am having some moments of cold feet.

My wife just returned after seven weeks of preparations for building a 50 room studio apartment building. At 52 I should be able to close up shop with about 14 million Bhat to tuck away.

My wife tells me I won't have to work and can live on the income from the apartments, which are being built with cash and intrest from my savings.

What do you think?

I may try to continue to stay in AIDS research in Thailand in conjunction with UCSD Medical Center here in San Diego. Just have to pray for grant money.

I will hopefully be attending the 2004 AIDS conference to be held in Bangkok this June to do some networking.

Of course there's always teaching English to get some spending money.

We are also considering starting an International school or International Thai massage school for Farangs. I have been to one in Chaing Mai and it looked loke a license to print money.

Wish me luck. As always your thoughts are appreciated. Thanks in advance.

Maybe I will get to share a cold one with some of you soon.

Good Health, Pepe'

[dr_Pat_Pong]

Now that moving to Samutsakork is a reality within the year, I'm not afraid to say I am having some moments of cold feet.

My wife just returned after seven weeks of preparations for building a 50 room studio apartment building. At 52 I should be able to close up shop with about 14 million Bhat to tuck away.

My wife tells me I won't have to work and can live on the income from the apartments, which are being built with cash and intrest from my savings.

What do you think?

I may try to continue to stay in AIDS research in Thailand in conjunction with UCSD Medical Center here in San Diego. Just have to pray for grant money.

I will hopefully be attending the 2004 AIDS conference to be held in Bangkok this June to do some networking.

Of course there's always teaching English to get some spending money.

We are also considering starting an International school or International Thai massage school for Farangs. I have been to one in Chaing Mai and it looked loke a license to print money.

Wish me luck. As always your thoughts are appreciated. Thanks in advance.

Maybe I will get to share a cold one with some of you soon.

Good Health, Pepe'

In my humble view the massage school sounds like a goer....but teaching English! Why, oh why would you bother?

[cdnvic]

You have alot of options here.

If your hotel is viable and making money, which it should, being debt free, you can either;

- Donate some profits to feed your research, this could be tax deductable.

- Mortgage it partially to fund your research.

- Use it as a fundraising device. A small card in each room with an envelope stating that your business is funding ongoing aids reserch and giving them the option of donating towards it if you wish. If 20% of your nightly guests (@75% occupancy) leave avg 100bt that's 4200bt per week.

- Sell some shares in the business to fund reserch.

- Do the massage training, and offer it as a value added service at the hotel.

- If you want to teach english to anyone, teach your staff, it will pay off.

I've worked in both fundraising and hotels.. kinda cool to work the two into one.

Good luck

cv

[tuky]

I may try to continue to stay in AIDS research in Thailand in conjunction with UCSD Medical Center here in San Diego. Just have to pray for grant money.

Good luck, not much better in the way of causes.

IT, do you have a comment?

[Pepe']

I can't tell you how much I appreciate your feed back. Some creative ideas I never thought of. However the people who will be renting the apartments will be all Thai people. I wonder how inclined they will be to donate.

Teaching english? It sounds relatively easy and there is the prospect of getting affluent private clients.

Bottom line is the question a bout living off the interest on a twelve to 14 million bhat nest egg. What do you think? Is it do able.

Good Health...

[GuestHouse]

Pepe,

I'm going to raise a few questions about the security of your future, these are not qustions about your relationship with your wife, I'm not judging that, but I am concerned about the security of your future under Thai law.

Firstly have you taken independent legal advice? That is legal advice from reputable law firm who have nothing to do with your plans, no connections to your business or anyone you are working or negotiating with.

This is my first concern: What happens if your relationship with your wife ends? Let's surpose that she is killed in a road accident (I hope and prey that this does not happen just because I mentioned it), who would become the owner of her estate, especially the land and business?

What would your rights be?

You cannot be the benficiary of land or property under a will in Thailand because Thai law does not let you own the land, if you don't take steps to protect yourself agaisnt that law you could be disposessed.

Again I'm not criticising your wife's family but surpose that the beneficiary of the will was a child from a former marriage, the father might then use his powers under the law to take possession of the land from the child. Likewise a sibling of yoour wife, their husband or wife might put pressure on them to act against you.

A good lawyer can provide for your protection under these circumstances.

Next I would ask why take anymore money to Thailand?

I really would advise against it.

There is a saying, what you take to Thailand, you leave in Thailand. Like most such sayings it is founded in a real truth.

I would regard any money you take to Thailand as a risky investment, because you will not take that money back out again.

Here's two simple rules of investment, don't risk money you can't afford to loose, don't put all your eggs in one basket.

You say you are fifty years old, if you loose your money now you will not recover from the loss, you have too few years of work left to do so.

I strongly advise that you leave the main part of your cash in the US, perhaps in a spread of medium risk investments. They will be avaiable to you but protected under US law.

After the legal issues I'd ask another question about yourself.

You seem to be active and keen to remain active. You already have work and a reputation in that work, how about building on that rather than starting something new thay you have no experience in.

Your work is in a very important subject, I'm sure a university somewhere will have work for you. How about working on the internet, Remote Working, I have a friend who does this and is very busy, very happy and making internatinal wages.

Thailand is a great place but my fear is that you are investing money you can't afford to loose.

[dr_Pat_Pong]

Park the money in a bank in Singapore. There's no tax on earnings for non residents

[Patong Bob]

Check with a company like Sunbelt Asia to see if you own the building or if your rights are protected. The first domestic argument could see you out on the street with your investment down the drain.

Sorry to be cynical but I HAVE seen it happen.

Good luck.

[Ulysses G.]

Pepe', teaching English is not "easy", however it might be something that you would enjoy doing.

If you are thinking about it seriously, you should first get certified by RSA/Celta (or whatever they are calling it now), which is a very demanding one month teaching course, sponsored by Cambridge University in jolly old England.

It is getting to be very difficult to get a teaching job without a TEFL certificate, and the RSA is the best one. You can sign up in Bangkok and the course is held near Siam Square.

[tutsiwarrior]

Money?...I like money too. Please post your donation to the Fat Falang Foundation (FFF) in Suphan Buri. The postmaster is a friend of the family...

(tutsi...take off that ridiculous sombrero and quit trying to sound like Alfonso Bedoya in Treasure of the Sierra Madre...)

(chingao cabron...)

[Pepe']

Pepe,

I'm going to raise a few questions about the security of your future, these are not qustions about your relationship with your wife, I'm not judging that, but I am concerned about the security of your future under Thai law.

Firstly have you taken independent legal advice? That is legal advice from reputable law firm who have nothing to do with your plans, no connections to your business or anyone you are working or negotiating with.

This is my first concern: What happens if your relationship with your wife ends? Let's surpose that she is killed in a road accident (I hope and prey that this does not happen just because I mentioned it), who would become the owner of her estate, especially the land and business?

---Yes I have thought about this.

What would your rights be?

---I thought I didn't have any, at least none I could see right now.

You cannot be the benficiary of land or property under a will in Thailand because Thai law does not let you own the land, if you don't take steps to protect yourself agaisnt that law you could be disposessed.

---At this time we are discussing this but my belief at this time at least is their is no protection.

Again I'm not criticising your wife's family but surpose that the beneficiary of the will was a child from a former marriage, the father might then use his powers under the law to take possession of the land from the child. Likewise a sibling of yoour wife, their husband or wife might put pressure on them to act against you.

One good thing. No former husbands or children.

A good lawyer can provide for your protection under these circumstances.

I have been very disappointed with lawyers in Thailand. Good reccomendations in the past did not turn out well.

If you have some one you like I would like to speak with him.

Next I would ask why take anymore money to Thailand?

I really would advise against it.

---I agree. Someone was saying the other day they manage their money easily with Wells Fargo which is my primary bank now.

There is a saying, what you take to Thailand, you leave in Thailand. Like most such sayings it is founded in a real truth.

I would regard any money you take to Thailand as a risky investment, because you will not take that money back out again.

---Again agreed. These are actually the conclusions I was comming to.

Here's two simple rules of investment, don't risk money you can't afford to loose, don't put all your eggs in one basket.

You say you are fifty years old, if you loose your money now you will not recover from the loss, you have too few years of work left to do so.

I strongly advise that you leave the main part of your cash in the US, perhaps in a spread of medium risk investments. They will be avaiable to you but protected under US law.

---Yes agreed. Thanks for the confirmation.

After the legal issues I'd ask another question about yourself.

You seem to be active and keen to remain active. You already have work and a reputation in that work, how about building on that rather than starting something new thay you have no experience in.

---There is somewhat of a burnout factor to consider in my case. I like what I do but am getting a little tired of doing it to "make the nut" every month. I've been working since I've been eleven. I'm a little toasty right now.

Your work is in a very important subject, I'm sure a university somewhere will have work for you. How about working on the internet, Remote Working, I have a friend who does this and is very busy, very happy and making internatinal wages.

Can you be more specific?

Thailand is a great place but my fear is that you are investing money you can't afford to loose.

---The apartments will be built with cash which I really don't care if I lose. Basically I'm giving it to my wife who is also contributing substantially. It does seem in this point in time that I've got a really good girl.

---My wife's family is very well established. However from reading here and and 52 years of life experience the natural conclusion is really who can you trust.

---I will definitely leave cash in the US and find something to do to supplement income.

---It's good to see I was thinking along the right track. Your experience and advice is essential in a good descision making process.

Thanks again, Pepe'

Response to Guesthouse:

Pepe,

I'm going to raise a few questions about the security of your future, these are not qustions about your relationship with your wife, I'm not judging that, but I am concerned about the security of your future under Thai law.

---I didn't think there was any.

Firstly have you taken independent legal advice? That is legal advice from reputable law firm who have nothing to do with your plans, no connections to your business or anyone you are working or negotiating with.

---No.

This is my first concern: What happens if your relationship with your wife ends? Let's surpose that she is killed in a road accident (I hope and prey that this does not happen just because I mentioned it), who would become the owner of her estate, especially the land and business?

---Yes I have thought about this very thing.

What would your rights be?

---I thought I didn't have any, at least none I could see right now.

You cannot be the benficiary of land or property under a will in Thailand because Thai law does not let you own the land, if you don't take steps to protect yourself agaisnt that law you could be disposessed.

---At this time we are discussing this but my belief at this time at least is their is no protection. My wife said she wants to find a way to protect my ownership but I don't see the way to do that right now.

Again I'm not criticising your wife's family but surpose that the beneficiary of the will was a child from a former marriage, the father might then use his powers under the law to take possession of the land from the child. Likewise a sibling of yoour wife, their husband or wife might put pressure on them to act against you.

---One good thing. No former husbands or children.

A good lawyer can provide for your protection under these circumstances.

---I have been very disappointed with lawyers in Thailand. Good reccomendations in the past did not turn out well.

If you have some one you like I would like to speak with him.

Next I would ask why take anymore money to Thailand?

I really would advise against it.

---I agree. Someone was saying the other day they manage their money easily with Wells Fargo which is my primary bank now.

There is a saying, what you take to Thailand, you leave in Thailand. Like most such sayings it is founded in a real truth.

I would regard any money you take to Thailand as a risky investment, because you will not take that money back out again.

---Again agreed. These are actually the conclusions I was comming to.

Here's two simple rules of investment, don't risk money you can't afford to loose, don't put all your eggs in one basket.

You say you are fifty years old, if you loose your money now you will not recover from the loss, you have too few years of work left to do so.

I strongly advise that you leave the main part of your cash in the US, perhaps in a spread of medium risk investments. They will be avaiable to you but protected under US law.

---Yes agreed. Thanks for the confirmation.

After the legal issues I'd ask another question about yourself.

You seem to be active and keen to remain active. You already have work and a reputation in that work, how about building on that rather than starting something new thay you have no experience in.

---There is somewhat of a burnout factor to consider in my case. I like what I do but am getting a little tired of doing it to "make the nut" every month. I've been working since I've been eleven. I'm a little toasty right now. Her in Souther California there is no room for slacking. You go in the hole quickly.

---I took of three months last year total. My business acount is running on fumes ever since.

Your work is in a very important subject, I'm sure a university somewhere will have work for you.

---Although I am designated as a primary physician here in San Diego I am licensed as an acupuncturist so I am always sort of the odd man out.

---We are still considered by many to be "alternative" practitioners although we are licensed by the same medical board that licenses MDs. I've been successful

but it has been a tough way to make a living.

---All the responsibility and liability of an MD for errors and omissions with a fraction of the earning potential. Overall I've been lucky and reasonably successful so I can't complain.

---Interfacing with a major university or hospital will be tricky to pull off but I am working on it.

How about working on the internet, Remote Working, I have a friend who does this and is very busy, very happy and making internatinal wages.

---Can you be more specific?

Thailand is a great place but my fear is that you are investing money you can't afford to loose.

---The apartments will be built with cash which I really don't care if I lose. Basically I'm giving it to my wife who is also contributing substantially. It does seem in this point in time that I've got a really good girl.

---My wife's family is very well established. However from reading here and and 52 years of life experience the natural conclusion is really who can you trust.

---I will definitely leave cash in the US and find something to do to supplement income.

---It's good to see I was thinking along the right track. Your experience and advice is essential in a good descision making process.

Thanks again very much, Pepe'

[Pepe']

Sorry about the double post. Wasn't sure how to respond line for line but I think I've got it now...

[Yohan]

Hi, openly to tell you, I think, you make it all too difficult for you

You have 14 million baht - not a small sum.....

What I would do in your case:

1) buy a small condominium on your name, not over 2 million baht including some furniture - make it comfortable for you

2) keep about 2 million baht in Thailand for your daily needs and as visa guarantee

3) keep the rest of the money out of Thailand

4) using the remaining 10 million baht carefully.....

5) if you do so, this should be more than enough for the rest of your life.

I and my wife, we would not even think about any business or employment if I had 14 million baht. Just straight into Thailand and enjoy the rest of our lives.....

Johann

[Pepe']

Hi Yohan

Hi, openly to tell you, I think, you make it all too difficult for you

You have 14 million baht - not a small sum.....

What I would do in your case:

1) buy a small condominium on your name, not over 2 million baht including some furniture - make it comfortable for you

---Actually we already have a house in Samutsakorn and property in Satahip.

2) keep about 2 million baht in Thailand for your daily needs and as visa guarantee

---Check

3) keep the rest of the money out of Thailand

---Check

4) using the remaining 10 million baht carefully.....

---Check. My neighbor, who is a builder, and I once had a competion to see how little we could spend during the week for lunch and so on be cause our spending, about $150 per week was getting a little out of control.

---Brinking sack lunches to work and waiting to get home to have cocktails we got it down to about $5 !

5) if you do so, this should be more than enough for the rest of your life.

---I have learned to live extremely frugaly and being able to save rigorusly is why I have some cash today. Oh yeah San Diego real estate didn't hurt either.

I and my wife, we would not even think about any business or employment if I had 14 million baht. Just straight into Thailand and enjoy the rest of our lives.....

---Sounds good Yohann although I think I will need some project to keep my self busy.

Thanks, Pepe'

Johann

[Thaiquila]

Park the money in a bank in Singapore. There's no tax on earnings for non residents

Are you talking about a deposit in Sing dollars?

If so, what approx rate are they paying?

[dr_Pat_Pong]

Park the money in a bank in Singapore. There's no tax on earnings for non residents

Are you talking about a deposit in Sing dollars?

If so, what approx rate are they paying?

Any major currency, and interest is based on the various domestic rates. Talk to someone like HKBC, Amro or Citibank for a start.

[GuestHouse]

Pepe,

You can be protected under Thai law, I have a friend who's wife died and because they had covered that eventuality in a will and in the regitration documents he went to court and has been granted use and habitation rights of their home, poperty and business for the rest of his natural life, after which their son will inherit.

I strongly advise you speak to a lawyer

Lawyers Thailand

And check out the American Chamber of Commerce website for Bangkok.

[GuestHouse]

You are investing a huge amount of money (well in Thai terms), I would advise that you use a Bangkok international law firm, they will not be cheap but they will have professional lawyers, not so the guys who run law shops up country.

Check out the websites of a few embassies and see who is on the list of more than one of them, it's not a garauntee but it does say something about them if more than one embassy recommend their services.

[Pepe']

GuestHouse,

Wow encouraging and important information. Is your friend availible to contact by email or phone before I hit the lawyers. I'm still gun shy from a couple of experiences I had with personal matters attorneys i used in Bangkok. One was originally fron the UK.

If they are good then they are worth every penny. But there's nothing like hearing from someone that's navigated through the very same situation.

Thanks again

Good Health, Pepe'

[innocent824]

get out of DODGE as soon as possible. Could I buy your chain-saw???????

[marto]

Check with a company like Sunbelt Asia to see if you own the building or if your rights are protected. 

Hmm... Sent them a fax with half of my data... there wasn't response... Doesn't sounds me seriouslly Half - cause the second page didn't pass /according my fax receipt/ But they didn't inform me - got it or not...

[marto]

What do you think?

Is it some kind free of charge announcement? Btw - how much will cost a studio? I mean to buy it... or to negotiate for the yearly rent...

[fatter than harry]

Hi Marto,

Be careful, you're clearly abusing a forum sponsor's fax machine.

[thaihome]

Park the money in a bank in Singapore. There's no tax on earnings for non residents

There may not be any local Sing taxes, but he is a US Citizen (I assume) so he must declare that income to US and pay taxes on it.

Unless you are promoting tax evasion.

TH

[otherstuff1957]

Pepe,

You can be protected under Thai law, I have a friend who's wife died and because they had covered that eventuality in a will and in the regitration documents he went to court and has been granted use and habitation rights of their home, poperty and business for the rest of his natural life, after which their son will inherit.

I strongly advise you speak to a lawyer

Lawyers Thailand

And check out the American Chamber of Commerce website for Bangkok.

I don't have anywhere near your investment here - maybe 1mil by the end of this year if all goes according to plan - but my wife is making a will that will leave me the possession of any property that we jointly own for the rest of my life if she should die before me.

I don't think that any of us would like to lose both wife and property when we are in our 70's or 80's!

[dr_Pat_Pong]

Park the money in a bank in Singapore. There's no tax on earnings for non residents

There may not be any local Sing taxes, but he is a US Citizen (I assume) so he must declare that income to US and pay taxes on it.

Unless you are promoting tax evasion.

TH

I wasn't thinking about the IRS ....sorry.

[astral]

Remember the basic rule:

Never, never bring more money into Thailand, than you are prepared to loose!!

[Ricardo]

It your wife has brought the land , in her name as a Thai citizen , then you may have signed a letter at the Land Office saying that it was her own money, on which you have no legal claim.

You might then make a contract with her, giving you the right to lease the land from her, and put up a building on it - which would be your property.

This might help if she pre-deceased you.

You definitely need to take local legal advice about this business-venture.

Who will operate it, and pay income-tax on the profits, and handle all the local documentation ?

Previous posters' advice not to 'bet the farm' is definitely recommended.

[Pepe']

Thaihome,

You pay tax to Thailand correct. You don't get double taxed. Do you?

[thaihome]

Thaihome,

You pay tax to Thailand correct.  You don't get double taxed.  Do you?

No, in most cases the foreign income exclusion and the foreign tax credit lowers your US tax to almost nothing. We do have this silly thing called the Alternate Minimum Tax (or some such thing) that makes it so if you reach a certain income level you have to pay something. Nevertheless, you do have declare all income, including interest on a foreign bank account (which you also have to register separately).

TH